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  FOX Business    Markets Now    News/Business.  
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    August 5, 2013
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settings myself. nascar racing and suntaning is always great. charles: connell mcshane is at the ranch. dagen: thank you. we will pay them to keep out there. good morning.% american embassies in the middle east and africa closed through saturday. whatever threat and what it means to you and the market. a $1 billion hair cut for samsung, a market value, the president's decision to veto an import ban on some apple products. quickly becoming the justin bieber of college football, johnny mandel under investigation for getting paid to sign memorabilia, raising the question yet again should these kids get paid to play college sports? famed designer joseph abboud reunited with his namesake plan and his plan to create jobs in this country. that and more on this hour of
markets now. we get johnny mandel on baja see this morning and we are waiting to hear what happens to alex rodriguez, we are all over that but of course we started the day at a new all-time high for the dow. let's check the markets, straight weeks of gains but some losses this morning. nicole: good morning. absolutely right. we have seen record highs for the dow and the s&p, the nasdaq was sitting at 13 year highs but today a mixed market. the nasdaq once again breaking into the green. we had major averages not far off of the unchanged line. interesting, haven't had that clear direction but the trend has been to the upside bit by bit and that is what we continue to see where we had a down day late in the day, stocks broke into the green later in the day.
the dow jones industrials are down 40 points, the vix, the fear index is to the upside. the names weighing on the dow today include energy shares such as chevron and exxon, that is nothing disney and travelers and the names and coming out with news and earnings. dagen: news alert, 19 u.s. embassies, predominantly muslim countries will remain closed until at least saturday as the state department continues to stay on guard for potential terror attacks. the threat of al qaeda in yemen and beyond and the threat to our markets at home. let's bring senior equity strategist at wells fargo and k. t. mcfarland, lucky to have current studio with me, former deputy assistant secretary of defense in a fox news national security analyst, to you first. is this the most serious threat we have seen from an al qaeda affiliate since 9/11? >> a more serious alert i have
seen in my lifetime. there are two things. one is closing the embassy's. business is being done with the united states government in 11 countries. the second thing is a worldwide travel alert whe telling americans all over the world avoid transportation hubs, avoid large public places, stay home, power under the bed and not just today or tomorrow, but august. if you're doing it through the end of august they will increase and put it through the end of september. they will go through the dagen: do you think any potential terror attack or threat this severe is fully factored into the stock market at this point? >> this is a big time morning. there must be a lot of good information the government has for they would not be going to the extreme measures and in my mind if we did have a meaningful terrorist attack market would
initially react negative, and where occurred in the middle east, that would depend on the initial reaction but the safest bet is it something occurred, if it was meaningful the market would trade down right away. dagen: why do we get overconfident with gains against al qaeda? and the killing of usama bin laden, we focused on usama bin laden for so many years, an important symbol to the u.s. but at the same time al qaeda was discussing the self, a harder to detect what was going on and fight any potential attack? >> important to remember when president san diego bin laden is dead, al qaeda is on the road, even secretary john kerry said last week in pakistan al qaeda is finished, maybe al qaeda's score isn't what it used to be the the franchises are much more powerful and not staying home
and the argument always was there is al qaeda in the arabian peninsula but they will just make trouble. they're coming to the united states. dagen: look at iraq and other areas. >> talking about a spread from the atlantic ocean all the way over to pakistan. there's a great percentage where the energy comes from, we're talking about a huge region, the strait of ormuz or the cyanide peninsula, we are talking about western interests throughout the region. dagen: thinking of oil producing regions i always think investors are fairly smart and we have been asking the question over and over again in recent weeks why is oil so why is this one of the reasons for the terror event or a disruption of production in these nations. >> before the latest bit of
information, syria, egypt, a lot going on, the probability of that spreading into that is not zero and we have a slow economy here, we know it is slow globally, we have a lot of supply of oil, the reason we are trading above $105 a barrel is almost exclusively on egypt and syria and what might happen and this place intimate as well but the stock market, the oil market, given is going on and what the government is doing the markets feel the government has a good handle on this and maybe we can get through this without any event. dagen: do you feel that way? are we as a nation on top of terror strikes overseas or here? >> we are on top of it but we have american interests in places where there are failed states. i am looking at the sinai peninsula where al qaeda is teaming the put the muslim
brotherhood to address any kind of shipping to the suez canal. look at the strait of hormuz 01 well-placed trust fund can take out an oil refinery in saudi arabia. we are talking about so much of the world, so many places where there is the vulnerability. dagen: we value your insight so much. see you as well, thank you so much. take a look at what you are earning on the ten year treasury, it did jump in the spring, it is not below 2% but it is still an extremely young low yield causing people to reach for more income elsewhere. and income is especially risky. vanguard principal in the fixed-income group, bob overseas and money-market and bond assets, bob, great to see it,
joining us from valley forge, pa.. that reach for yield, has it made other classes of fixed-income especially risky and overvalued? >> seems the market has forgotten about some things that have gone on. for example look at the more troubled countries in europe, italy, spain, portugal, even greece, the yields are trading at almost 12 month lows. gary is very little growth, there's high unemployment rate at 12% and nobody's taking care of any structural reforms. at the same time the emerging markets there were a series of issuers such as the republic of guyana at getting the deal at some point easily so there is this yield.
don: dagen: what about fixed-income in the united states? gee worried about high yield and its valuation, talking about europe and emerging market debt and it held up fairly well with that back up in interest rates. i suppose that is expected but still overvalued. a lot of it is tied to the equity market and the equity market has done quite strongly. back couple little bit. it is reasonably near fair value at the moment. dagen: the municipal-bond market, bankruptcy of the choice. is this the long term problem for the united states that isn't getting enough attention? >> it is definitely getting attention but there has to be some sort of solution. demographics just don't work.
the number of younger workers whether they are supporting government workers or private workers in various pension plans and social security, the demographics just don't work. how long are we going to ask people in a 20s and 30s to pay enormous load of taxes to a government pension plans? ultimately this has to go to the supreme court to decide whether retroactively these pension plans can be revised but that said that has created some attractive values in municipals for example you can buy a 30 year municipal-bond that yields 5%. if you are in the top tax bracket and lead the obamacare tax pretax field. in california you by triple tax-exempt california bond that is 9.7%. that is equity like returns
which are pretty attractive. dagen: really quickly, bob, have you seen outflows in any major way in any of the bond funds? >> things have really stabilize quite a bit. and a month or so ago, and money-market funds and the blessed aware about the equity markets even though they are at all-time highs. dagen: thanks for being here. i know how busy you are. always a pleasure, always in sight for. thanks again. dagen: in the ball the bonds you could be buying, hundred million dollars. power jackpot reaching that level after nobody won saturday, making wednesday the fourth largest in u.s. history. to buy your ticket you have the 1 in 1 seventy-five million
chance of winning. samsung looking for some quality from the white house after the president pull the plug on a ban on some apple products and importation of apple products and export to china to the tune of $13 billion every year. soybeans. we look at this booming market for investors. new details imminent on the pending suspension of alex rodriguez and other baseball players tied to a florida clinic, big money on the line for the players and baseball. we were just talking about oil, 105, 06 and change down slightly for that. right now, 7 years of music is being streamed.
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popular and tyson foods is the largest u.s. meat processor with forecasts above-average analyst estimates. they came out with a great quarter. you see the stock up 3.8% hitting new highs, a new record highs, revenue rose 7%, and ultimately they have a lot of demand for chicken and beef so they did so well with that and that offset the weaker demand for pork. it ended up being a win/win for tyson foods and the chicken sales rose 11% so in spite of the fact that some people like trying to attack back a little, you see it doing extremely well at raising their outlook. dagen: despite the fact those scientists in london were demonstrating the ground beef they came up with from the stem cells funded by one of google's founders. thanks, nicole petallides at the stock exchange.
the white house handling apple on major win with a veto of a patent ruling or patent battle with archrival samsung to be exact. liz macdonald joins us with her bottom line. liz: samsung is seeing the big step back. they reversed, the white house reversing the international trade court's decision to bend older products that were imported from china. these are the i phone 3, and 4, they were made in china, imported here. samsung initially won a ban on the importation, now the white house reversing it, basically u.s. trade rep saying i decided to disapprove this determination due to the effect on the u.s. economy and u.s. consumers so now the question is what was south korea's reaction where stenson is based? blasting the decision saying this is essentially going to hurt our company. that was a global can't war
going on between samsung and apple since 2011 so what we are talking about is older devices applicants still make money off of, dry profit margins but apple makes money for example off of the i phone iv so the question is will we see a backlash from other countries that can block and disregard the u.s. intellectual property rights. will we see this as an excuse being used by other countries. that will be raised with south korea's reaction. final point this is only the fifth time since 1916 that the white house overturned a ban at the international trade court. the white house doesn't like being used to block importation of goods. that is their reaction. basically blocked importation of goods instead of assessing financial penalties. the white house making a big move for apple. back to you. dagen: liz macdonald with the bottom line. paying college athletes for their play. that debate reignited by the latest scandal surrounding
heisman trophy winner and justin bieber wannabe maybe johnny mandel, a famed desire joseph abboud reunited with his namesake brand after eight years and how he wants to create more jobs in this country. take a look at world currencies, the dollar today. [ male announcer] surprise -- you're having triplets. [ babies crying ] surprise -- your house was built on an ancient burial ground. [ ghosts moaning ] surprise -- your car needs a new transmission. [ coyote howls ] how about no more surprises? now you can get all the online trading tools you need
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>> 23 minutes past the hour, your fox news minute. the state department is using what it calls an abundance of caution in deciding to close embassies and consulates in 19 cities in the muslim world until the end of the week. capitol hill lawmakers described the threat that close 22 locations yesterday as the most serious ones since before the 9/11 attack. britain and france extended the closures of their embassies in yemen as well. a u.s. military helicopter crashed during a training mission that american base on okinawa. according to japan's defense minister three crew members ejected from the helicopter and survived. a fourth has been taken to
hospital and hundreds of thousands of commuters in the san francisco bay area have a way to get to work today. last night's 11th-hour order from governor jerry brown called for an investigation into labor contract talks and avert a walkout that would have shut down the transit system. those are your news headlines on the fox business network. dagen: soybeans on the minds of traders and farmers as the crop falls to 17 month lows. jeff flock is back in illinois with more on this story. jeff: lots of money came into this market with that drought and here is why you should watch fox business. take a look at us in this very field in march of this year, jim mccormick wants folks to invest with him. we walked out on the field and we said look at this snow pack out here. i know it is a drought last year but we could have a bumper crop beans, that is what happened. >> we have plenty of moisture
this winter and spring and summer and right now we are standing in a luscious been field. jeff: we are centime month low for beans. look at the numbers, we have a year chart that shows the wild ride of beans, last year we got almost 18, when did we get to? >> just shy of $18 was the high. >> it was scary for a while but the crop came in half way decent and now as you point out this is going to be an all-time record crop. >> beans are made in august and if we continue into next month we are looking at a big crop potential. >> you told me a lot of your clients are long beans. koren also, they are short corn. could anything turn this crop around real quick? >> yes. one thing that could affect it would be the range of thought and the heat comes on and that will hurt the beans for the critical pod setting phase or
potentially early frost. >> if you are on wall street don't sellout yet. plans look great. but 1:00 show i will show you up close and personal all of the pods that are being set out here. this is a good-looking crop. dagen: soybeans are placed a lot of tobacco that used to be grown where i grew up and i can say firsthand that is the good looking fields of soybeans. may be better looking when he is standing in it but there you go. jeff: wish you were here. dagen: okay. thank you, jeff flock in mckinley, ill.. moving to one of your other top stories today, and the moment alex rodriguez could be suspended from baseball may be this year into next and he stands to lose millions no matter what happens with major-league baseball. the question is whether he will be on the field for the yankees in chicago tonight. and more on the effort to create
jobs in this country, joseph. says the solution is simple, you need to make it here in the usa. we will talk to the famed designers who has been reunited with his namesake brand that men's where house. and more coming up. ok, i am coming. [ susan ] i hate that the reason we're always stopping is because i have to go to the bathroom. and when we're sitting in traffic, i worry i'll have an accident. be right back. so today, i'm finally going to talk to my doctor about overactive bladder symptoms. [ female announcer ] know that gotta go feeling? ask your doctor about prescription tiaz. one toviaz pill a day significantly reduces sudden urges and accidents for 24 hours. if you have certain stomach problems or glaucoma, or cannot empty your bladder, you should not take toviaz.
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report, which also included an unexpected drop in the unemployment rate. in a speech being right now import and gordon fisher says with the unemployment rate having come down, i would say that the committee is now closer to execution mode, pondering the right time to begin reducing bond purchases assuming there is not an intervening reversal and momentum in coming months. though fed chairman bernanke has questioned the unemployment rate as a good measure of the health of the labor markets, and fisher is not a voting member of the fomc this year. he is in their room for the meetings as a nonvoting member and is not shy but expressing his opinions. in fact, in classic fisher he says in today's speech, at last week's meeting i suggested that we should urge airlines to make sure -- make your first move this fall. also, remarks on the jobs report and tapering from a former vice
chair of the fed who is now candidate to succeed ben bernanke. he said, i don't think that the disappointing employment report will deflect the fomc from beginning to reduce its purchases after the september meeting. taking all win. digested. we will see how the markets react. dagen: i am not putting my money on him being the successor. i will say that right now. the lady over mr. summers. my betting ways. cannot help it. when i clear skies after a european commission approved -- approve the proposed merger between the company and american airlines holding company, amr. nicole was watching shares. >> reporter: watching them closely. a couple of stories surrounding u.s. airways, their optimism on travel demand. the number one story is the east mission moving forward and approving so far moving forward with the merger between u.s.
airways and amr which is the parent of american airlines. so there were some concerns that one part of it could be somewhat of a monopoly. so in order -- this is the caveat. the one thing that has to be done is they must give up the slot to over at heathrow airport everything else seems to be that it will go straight through. on the u.s. airways passenger traffic, it's looking good, up over 6% from july. dagen: thank you, nicole. espn is reporting a second autograph broker has come forward claiming that texas a&m quarterback asked for money to sign autographs. reporting that the heisman trophy winner was paid five figures on for another autograph session, a signing session last year. this is just the latest in a series of off-season incidents for the star football player, making him look like the justin bieber of college ball. senior writer at fox sports.
you will be allowed to see him on fox sports one which launches on august 17th. >> absolutely. dagen: i'm psyched. less talk about johnnie football right now and in. is this surprising that this would come out and people would be digging through dirt for him given how he has been behaving? >> it is not surprising that they're digging through dirt to find this. a little surprising that he would actually go through and do this. you know the rules. first freshman to ever win a heisman trophy. but to accept five figures for a couple of autographs, 999 autographs the weekend of the b.c. s national championship game, clearly a violation of rules. like you said, his off-season have been tumultuous. the last thing was showing up possibly a little hung over to the passing camp which is hosted by archie, eli, and peyton manning. he is on twitter saying crazy things.
sitting courtside games and rap videos. dagen: who would go to a frat party. the university of texas, that's stupid. >> it is. and thaa's the question. a lot of people like taking him -- his side. what do you want? these 19, 20, at college, just been handed the world. there is no blueprint as far as how we should navigate these waters. he continues to get in trouble, one thing after another. this is the first one that could actually effective on the field because if he is in violation he might not play all season. dagen: hard to prove. >> very hard to prove. what the processor will be is to find an actual paper trail and prove that he was paid. he is not saying a word. today texas a&m practice begins officially. he will not be speaking to the media. these things tend to take some time. one man except that thousand dollars and took them a very long time to prove. reports are out there and they
will be digging. dagen: yet again it ignites the question and debate about whether these players who are bringing in untold millions of dollars should be paid or should be compensated for the money that they are helping to our and the university. >> that -- absolutely. we call these kids stupid. they're selling his jersey and making millions. for texas a&m prospective students looking at the university of texas are texas a&m, they say, we have the heisman trophy winner here. there are a lot of people making a lot of money, including the coaches of of johnny. why shouldn't he be allowed to take some share of it. dagen: and we were talking about this. you don't think that the fans will side with the players at this point going back to what cam newton went through. >> yes. two years ago canyon went through a similar thing were his father reportedly solicited $180,000 for his son to attend
school. now there's fatigue with the fans. after all of these incidents, whether ohio state, fans are beginning to say, what is going on? why is the ncaa not paying these kids something? like we see all the time, these jerseys are sold, faces are all over merchandise. wire these players not getting some cut? you can say they get a free education. trust me, the school is making a lot more money unless scholarship they're paying him. dagen: his problems look like small potatoes compared to what mr. rodriguez is going to a safe. the decision will come out later this afternoon, not right at noon, according to reports. use a 1:00 p.m. >> there are talking 1:00 p.m. dagen: what do you expect? >> be suspended, but i expect a-rod to appeal this. unless the commissioner of baseball throws down the hammer and says, hey, look, there is a clause in the collective bargaining agreement that says this is where the best interest
of baseball and i can overrule appeals. i think he will play tonight. his first game back this season, healthy, ready to go. it will be interesting. dagen: he was playing here, yankee fans anecdotally want him gone. >> a lot of newspapers have that covered. pretty much go way. dagen: what a great headline. you will be able to see peter among an all-star lineup. it's great to see you. thank you. we love talking about sports. take care. maine's warehouse executive has been reunited with his namesake brand, and he plans to help create jobs in the u.s. and cbs if you have time warner cable and the york, l.a., and other cities you're not watching it. will it bring those two back to the table?
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today is tyson foods. the company's largest food processor reported before the bell that profits more than tripled with strong demand for chicken and beef with the stocking of 52 week high today. jet blue going upscale. the normally discount airline is adding expensive seats on some of its longer flights which the company hopes to price lower than tickets from other airlines. hot meals and unlimited alcohol. and number two is number one. universal will take in more than 27 million. it overtook wolverine. that is the latest from the fox business network, giving you the power to prosper. ♪ right now, 7 years of music is being streamed.
a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 8 smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better . ♪ dagen: talk about needing a bigger push to make things here in america. take a look at the statistic. the u.s. spends over $113 billion every year importing textiles and apparel,
that is according to census trade data. our next guest his company is currently -- well, he will explain it all. he is about making things here in america. chief creative director at maine's warehouse, and he has just been reunited with his name said brand >> i think it was an organic decision. the men's wear house organization is extraordinary with 600 stores. so i think the landscape of our industry is changing. the traditional wholesale retail business does not exist the way that it did 20 years ago. some now by being direct, by taking a great product direct to the consumer you get a better price, better value, better quality. it is really kind of a match made in heaven. and of course, being reunited
with the brand that i started in 1987 is a really wonderful thing. dagen: and also, back into your -- you are also back with the factory. >> that's right. dagen: several hundred people. >> 450 highly skilled workers who are incredible of what they do. over the last 20 years we have probably manufactured close to up 4 million high quality suits and jackets tailored in america. that is a great legacy for a designer to say. the factory in new bedford. so life has come full circle. dagen: i like the red sox. i like them a lot more than i like the yankees. >> everything has come together. it has really been an exciting eight months. we're going to close on a deal very cent. it's a done deal, and it's exciting. dagen: does it make sense for men's wearhouse to of one of the vendors, if you will?
normally the company has dealt with outside vendors and did not take one in-house. >> a think it is a point of distinction and a competitive edge. we don't look at this as private label. it's a big distinction between that and your own exclusive brand. as a brand its exclusive to men's wearhouse as we go forward, but it will still have the same dna, quality, style, all the things that we do well. now we can go directly to the consumer through the 600 retail stores we have. dagen: and will you offer this suits and clothing and lower prices? >> yes. we are vertical. dagen: eliminating the middle -- >> right. that's why i'm saying the landscape changes between wholesale and retail. today we can manufacture clothes, on the factory, by extraordinary fabric out of
but how to speed to market, the quality, the flexibility, all of those things play into the offering that we give our customers. to me it gives me a chance to have an idea and bring it directly to the consumer, and that is really -- as a designer what better legacy can you have the sap people believe in what you create and go out and spend money? dagen: this new role and this new situation will let you create. >> exactly. friday will be the dead i go back and have lunch with those 450 people, and i'm looking for to it dagen: that is fantastic. go red sox. >> that a girl. dagen: we hate alex rodriguez. >> get that out early.
dagen: my producer is yelling in my year. it was great to see you. please come back. you look fantastic. beautifully dressed as always. two years since s&p downgraded our credit rating in this country, yet the market is sitting near all-time highs. joining us now, seaport's securities. what gives? it took worries about the federal reserve tests and interest rates higher. >> i would say first of all you might want said see someone about your red sox problem. second of all. >> i refer the mets. i will not pull for the yankees. they got what they deserve. >> all remind you. anyway, the fact is the equity markets are leading indicator, not a lagging indicator of what will happen with the economy. the s&p, usually telling you what happened or telling you what will happen.
as it is happening. but an equity analyst will upgrade the stock when it is already reaching its peak close call whether will downgrade the stock when it is near the bottom. the s&p does the same thing. unfortunately they don't have the liberty of sticking their necks out because it takes a lot of risk. and they want to keep the customers happy. the s&p downgraded the united states. the mib data on about the government, but it does not say a lot about the corporate america which is what we're looking at right now. earnings have been great, and they're only telling you what will happen in the u.s. economy to come. dagen: good to see you. thank you for so much. so cbs is blacked out still on time warner cable. east coast, west coast, and places in between. besides are not even talking. more on the big money lost on baseball suspension. the latest at the top of the
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♪ dagen: so cbs is dark on time warner cable new york, l.a., and places in between. it could be that way into september as this cable battle between the network and time warner rages on. dennis joins us with a lot more on this. >> reporter: we were waiting, which side will blink. neither side did, and now has been blacked out for 66 hours by my count.
a fight over fees. it's really a fight for respect. why you pay so much more for cable programming than i. summary of the most watched network. your programming is free. so time-warner says that cbs wants a 600 percent increase in price. cbs called that fictional and ridiculous. twenty or 25%. blasting all weekend. time warner coming out and blasting cbs saying they have made outrageous demands for the programming. delivers free over air. we regret this inconvenience, but feel it is crucial that we let them know that we are willing to do what it takes to keep the price of tv down, which is nice of them. cbs blasts back and says that they are conducting negotiations in a combative, nonproductive spirit. distorted public posturing. so this just could not get more heated. dagen: are they even talking? >> reporter: van not. some people, some analysts think this could go into football
season. i just don't see how. both have too much to lose. time warner cable may have the upper hand. it does have the distribution. certainly hundreds and hundreds of channels with time warner cable, but here is how nasty it is getting. they're hurting their own customers. showtime offered time warner cable. time warner cable said no, showtime people. and then they said, make sure you go over this cbs and look at the shows on line. well, cbs shut down access to the on-line shows and time warner markets, just not the three, but all time warner markets. that is doing bad things to your own customers to make a point and hurt the other guy. dagen: fans every donovan on showtime more highly incensed. >> and you missed tiger when it championship. dagen: washington bowles.
still proves that he can open a movie. >> he sure did. 28 million at the box office and took number one. we had a screen showing the top five films. not a big blockbuster, but then the fell only cost 60 million the make, which is not bad. wolverine second week, 50 percent drop. smurf to, looking bad, but 75 percent of that first was overseas. dagen: and then the canyons. >> which you saw. dagen: on directv on demand because they did the simultaneous and peter release. >> usually when they do that it means the film will do that well. it means that there will be a curiosity. some people want to see lindsay lohan naked. i'm kind of trouble by it because having watched that parent trap with her as a lower growth my daughter, i'd want. dagen: i don't mean because she's naked and you're looking at her chest, but she looks like she's about 45 because she is age so badly. her co-star, the porn star,
proving he can act below the waist but not from the waist up. it is one of the worst movies ever seen. was it in the privacy of my own home. you can stop it. >> it did not have to admit to anybody. dagen: i did. i watched epic crap before. this is not quite up there. thank you. coming up with cheryl at the top of the hour. major league baseball commissioner on just how tough baseball will come down on alex rodriguez. and the steroid scandal that is expected any moment now. cheryl and dennis breakdown the cost of the game and the players ahead with an all-star panel. and the world's first test-tube hamburger made from we grown in a laboratory. and that is it. yes, that is it. cheryl and dennis will tell you how it tastes. and whether it will change the
world as we know it. that is all ahead on markets now. ♪
dennis: i'm dennis kneale. cheryl: i'm cheryl casone. the business of baseball, commissioner bud selig's call on just how hard baseball will come down on a-rod and others expected at any moment. we're going to break down the costs to the game, the players. we've got an all-star panel join ugh us. dennis: and cbs stations still off the air on three major markets, and the media titans are battling over retransmission fees. up to the minute coverage coming up. cheryl: and the world's first test tube burger made from lab-grown meat sampled in london today. we're going to give you the update on what it tasted like. we're going to depend on other
people, though, to tell us how it tastes. dennis: they'll never be able to call that free range. cheryl: stocks now, of course, every 15 minutes, nicole petallides on the floor of the new york stock exchange. >> reporter: hey, good afternoon, cheryl and dennis. right now we're seeing the dow down about 50 points, a hoss of one-third of 1% while the nasdaq and the s&p 500 are pretty close to the unchanged line. coming off the heels of last week where we had all-time highs for the dow and s&p and 13-year highs for the nasdaq. today we have been to the downside, we pared those losses to a certain extent when we got our latest ism numbers, and that came in better than expected. so we did see some improvement in the market but still to the downside overall led by energy stocks which are lower, drugs, banks for the most part do have down arrows. it was interesting, i was also reading not only about the economy and what we got there, but also federal reserve official, dallas president
richard fisher, who's not a voting member but once again shows his concern pertaining to what we've seen in the fed and the easing monetary policy and quantitative easing, infinity is that what we're up to, so obviously expressing concern there but, again, he's not a voting member, and earnings season, so we have a lot of names up and down. back to you. dennis: thanks very much, nicole. the dow's taking another breather today, but seth masters of bernstein global wealth management is running with the bulls. he's been calling for dow 20,000 by 2020. he joins me now. seth, i love that forecast because i'm kind of a perma-bull. the one thing is rising interest rates. let's start out with a chart, stocks versus t-bills. when you look at the s&p 500 versus the ten-year treasury, you see why people are so afraid. the more interest rates go down, the higher up goes the s&p 500. so rising interest rates, how much we fear them. now let's go to that second chart and take a look, guys --
sorry, seth, you'll get to explain in a minute. when bond yields are falling, stocks rise an average of almost 1% a month. this is since 1970, okay? when bond yields are stagnant, stocks fall an average of a tenth, but when bond yields are rising like right now, stocks still manage to rise half a percent a month. so tell us why this is, and give us your caveats. >> right. so the caveat is this is what happens when rates are very low, below 4%. dennis: exactly. >> and, of course, we're well below that level today. the reason we are very excited about stocks is that their valuations are reasonable, and interest rates are so low. in fact, as you can see from that chart, when rates are very low and they rise, it's obviously not good for bonds, but it actually is okay for stocks because the reason they're rising from low levels is the economy's getting better. that means the companies are doing better, and it's good for shareholders. dennis: so stocks, you're saying that investors actually start to
think that, okay, i'm okay with that, or they go up in spite of the rising yields? >> well, i think what happens is when an investor can look at the whole picture and recognize that they still have a lot of good earnings and that the competition -- bonds -- still has very low yields, stocks continue to look very attractive by comparison. after all, stocks today are yielding over 2%, not that much less than bonds, and you have share buybacks at many companies. the net impact of that is very attractive even from a yield perspective on top of which you have a lot of capital gains opportunities. dennis: so the great thing is when bond rates are so low because they've been so ridiculously low in part because we've been so filled with fear and we'll pay the government almost to hold on to our money, so that's a good sign when interest rates rise. what happens when interest rates are at 8% and they go up to 10%? >> that's a totally different situation. when rates are high and they rise, that created major
headwinds for companies both because it probably means the economy will start to slow down at some point -- dennis: it's going to crimp things and stops predicting where that's going six to nine months out. >> exactly. your actually creating a higher hurdle for stocks to overcome, and that makes the pe ratio -- dennis: you have to get a lot more money in government bonds, so i'm not going to put as much money in stocks and, therefore, demand and prices go down. >> precisely. the balance of risks today is the opposite of that. stocks actually have a lot of opportunity and, in fact, it's bonds where there's some degree of risk because we don't know exactly when, but ultimately, interest rates will start going up, and you don't want to have too much in bonds at that point in time. dennis depp i'm going to take that reasoned explanation and boil it down to stocks good, bonds bad. seth masters, have a good day. [laughter] cheryl: well, the business, the business of baseball, mlb commissioner bud selig's call on just how hard baseball will come down on a-rod and others in the
steroid scandal expected at any moment. no guidance at this point, but we are expecting something from bud selig. millions on the line for a-rod and these other players mixed up with the florida lab. this dates back to january. we've got senior correspondent dun son pyle and charles payne. charles, he is still owed at this point $8.5 million, charles, from the yankees, that's for the rest of his salary, another 28 million for the last four years of his contract. all of that is in jeopardy now, correct? >> well, it's all in jeopardy particularly if there's a lifetime ban. apparently, that's one of the things they've been trying to negotiate with him, if he would sent a deal, you know, whatever their deal is and not fight back, then he would still be able to resume his career after next season, if not, they'll try to come down harder. we're essentially talking about a gigantic hit. either the 29 plus 8 million for this year or the entire package, four years at almost $30 million each.
so either way it's gigantic numbers. there's a whole lot involved in this, and there's a whole lot of implications, too, beyond alex rodriguez. how many black eyes can baseball sustain? is so far they've been able to sustain them all. cheryl: here's the thing with regards to the financing of the team, dun son, this is a team valued at $2.3 billion, revenue coming in at $471 million. but a big chunk of their expenditures is a-rod himself. he's 38 years old, dun jston, he's had a lot of injuries. he's coming back tonight versus the white sox -- >> well, cheryl, what's even more interesting is the bigger picture, and, of course, it's all about dollars. fifteen years ago baseball took a very different approach to the steroid problem, in fact, they ignored it. as mark mcgwire and sammy sosa were breaking home run records, you had people coming into the stands in record numbers, and baseball basically ignored the problem until it blew up in
their face. fifteen years later, baseball has recovered. they're making a lot of money again, but the tide of public opinion has turned, and people no longer want cheaters, if you will, on their team. so baseball and the union have taken a different approach, and they want these people out of the game. they see these cheaters as a financial problem for them whereas 15 years ago they did not. cheryl: you know, the team might, charles, but if you look at what happened ryan braun of milwaukee, he was suspended, his jersey sales actually went up after his suspension. i know what you're saying that maybe kids need new role models, that was before. >> yeah. and you're right, you know, it's so funny. some people say baseball should have no rules. in other words, what's wrong with these giant, you know, steroid era when there's 80 home runs? people love the home runs. but i think the point is that baseball has overcome these sort of things before. i'm not sure that the unions are necessarily taking a different tack. they're behind a-rod at this
very moment. >> not as much as they were, charles. >> i do have a problem with milwaukee. they extended braun's contract three years early, and there was a dark cloud around this guy. why did they do that? it's one thing for a guy to say, you know, he's going to take a $3.5 million hit, but after that a $100 million contract takes -- cheryl: what were you saying? >> there's a contrarian point of view, and this is from my brother who's a big yankees' fan, and if you talk to anybody on the streets of new york, people are so angry at this guy. the yankees are about nine and a half games out, almost all of their starters have been on the disabled list, they haven't been there for the fans to see. you bring in a-rod, he's going to pack the stadium just to boo this guy, and that could be a big financial gain for the yankees for a while. [laughter] cheryl: what about endorsements, charles? we saw this after tiger.
>> mike stood by tiger, he just -- nike stood by tiger, a-rod's not going to get any endorsements, but it's really about the tv contracts. the game is important, but as how many as major league baseball keeps getting these contracts, they can afford to go out and lavish $100 million contracts on people sometimes even when there's a question mark around their integrity. cheryl: you know, if you talk to any new yorker today, there's not a lot of sympathy. >> no, they want this guy to go. the interesting thing about a-rod is they signed this gigantic $252 million contract five years ago ostensibly because a-rod was clean. there were another 30 million in bonuses for when he broke the home run record, barry bonds' home run record, because he was going to do it as the clean hero. all that's gone out the window, completely different story. cheryl: i think that's a really good question that's going to be sorted out by lawyers and agents. guys, thanks to both of you. want to let our viewers know we're going to stay on this, and if we get any type of statement
or press conference from major league baseball, we'll bring it to you. we'll see. dennis: all right. it is our country's biggest export to china. not microchips, soybeans. looks like we are heading for a record crop. team coverage ahead. cheryl: and more than a billion dollars comes off of samsung's market value following the president's decision to veto an import ban on some apple products. lizzie macdonald on the implications, as we go to break, though, want to take a look at the energy market. ♪ ♪ ♪ [ cows moo ] [ sizzling ]
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that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's cled hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. cheryl: what we have on this monday, its summer. obviously, you're going to have a little lower volume today, but certainly there are some stocks that are moving. i want to show you travelers, 83.22, down 77, you're going to keep watching throughout the day. exxonmobil, walt disney, but over on the leaderboard here, and this is something we're going the talk about later on, unitedhealth group, 73.12, this is one of the largest insurance companies in the united states. a lot happening with obamacare and the implementation of that program. we're actually going to be getting into that later on in the show.
right now let's see what nicole petallides is getting herself into on the floor of the new york stock exchange. >> reporter: i'm watching something very interesting, some people like emerging markets, some people like large caps or wangs, and how about -- banks and how about moving hot on small caps? take a look at the russell, because the russell 2000 once again hitting a record all-time high. it's up just one quarter of 1% right now, but certainly it's enough today to move it to these new record levels for the 48th time this year. now, of course, this comes on the heels of what we have seen last week, the dow, all-time record high. the s&p, all-time record high. and the tech-heavy nasdaq which hit highs, the highest levels in 13 years. we've certainly seen a lot of these major averages that we watch so closely and not of the individual equity names to go along with it, cheryl, so there's certainly been a lot of great performers. cheryl: i'm glad you pointed out all the record highs, it's nice to see especially in the middle of summer. nicole, thank you.
dennis: well, soybeans have been riding a rally for 18res have me opposite direction. let's head to our bean boy, jeff flock in the fields of mchenry, illinois, and phil flynn in the pits of the cme. jeff, set the scene for us first. >> reporter: i'll tell you, dennis, you don't even have to be a farm boy to tell this is a good looking bean crop. there's been plenty of moisture, and that has meant -- take a look at this one and maybe al and lori up there have one you can see up close and personal -- all the bean pods that have been set on this. excellent surface moisture, we've had rains, sun, perfect growing conditions. it could be an all-time record soybean crop and, of course, well, you know what that means for the futures and for the prices. last year we got up around $18 a bushel. now, well, phil flynn's got the latest numbers for you, but i'll tell you, it's just completely in the opposite direction. good news for the crop can, bad news for the be price. dennis: all right, thank you,
jeff flock. whose hands were those in the foreground? let's ask phil flynn, meanwhile, at the cme how things are going. >> hey, what better way to start national farm week? i love it this way. look at those beeps today. they'rr getting -- those beans today. down another two cents, especially in the new crop, and that crop is getting a lot closer to the old crop. if you remember, we had a big, wide spread between the two crops because of concerns about this crop. now that it looks like it's going to be a record, we're going to have to wait. but today we're going to get a lot of news on soybeans that may bring this market back. one of them, of course, is the crop condition report. in that field where jeff is, it looks beautiful, but there are some places in iowa we're still worried about. 67% of the corn crop is floundering right now, we're going to see if that improves from the week before. soybean market, global demand there's concerns about china. china's auctioning some of their
beans that they've had in storage on the open market. that's actually adding more downward pressure to the front end. so, jeff, keep that crop coming in. we're going to probably need it a little bit later. lack to you. dennis: all right, thank you very much, well handled, guys. cheryl: the bean boys, that was good. u.s. embassies in the middle east and africa closed through saturday. the terrorist threat and what it means to the markets coming up in your fox news minute. dennis: and battte of the media titans. deals coming up in media minutes. cheryl: here are the world's currencies and how they're faring against the dollar. we'll be right back. ♪ ♪ you make a great team.
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>> at 22 minutes past the hour, i'm patti ann brown with your fox news minute. lawmakers say intercepted chatter indicates a major terrorist plot is in the planning stations. the state department decided to close embassies and consulates in 19 cities in the muslim world until the end of the week. norway is also restricting access to its embassies in the middle east and africa. some 100 homes in lawtell,
louisiana, remain evacuated following yesterday's train derailment. the union pacific 26-car train went off the trials 60 miles west of baton rouge. one of the cars had been leaking sodium hydroxide which can cause injuries and death if it comes in contact with the skin. and a u.s. military helicopter crashed on okinawa. three crew members ejected from the helicopter and survived, a fourth has taken to the hospital. those are your headlines on the fox business network, i'm patti ann brown. ♪ ♪ dennis: in today's media minute, neither side blinked, and now the eye is blacked out. cws now has been -- cbs has been dark in new york, l.a. and dallas. cbs' showtime channel darkened in 12 million homes served by time warner cable.
time warner blasts cbs saying that, quote: dennis: noble of them, ain't it? and cbs accuses twc of: teps dennis pointless brinksmanship d distorted public position, further bashing twc. twc says customers can watch shows online at, but cbs shut down online shows and not just in the three markets in this fight, in all time warner markets nationwide. now, that's just mean. some say this tit for tat could last into september and nfl football. they'd better make up soon. and this just in, reince priebus, the chairman of the republican national committee, asking cnn, and and nbc to kill their programs about former secretary of state hillary clinton. doing a feature film that will show in theaters and on the news
channel. now, prebus says if they do not kill the shows, he will recommend the republican national party not partner with the networks. he writes: dennis: he then proceeds to threaten th: but as american citizens, certainly you can recognize while many are astounded at your actions which appear to be a thinly-veiled attempt t a putting a thumb on the scales of the 2016 presidential election. this is going to be a big fight, cheryl. cheryl: well, it is the fox business summertime showdown. matt mccormack duking it out with robert luna on friday for stock picking supremacy, and there was also greater ice cream -- greater, excuse me, ice cream from cincinnati. they each made two stock picks, we tracked them for a month, and it wasn't even close. matt came in flat while robert saw a gain of over 4%. robert luna is the winner. week three, he moves on in the
competition. matt says he's placed the order, and the ice cream is on its way. i guess to phoenix, i guess i've got to go home to pick up on that one. we're going to be they checkingn that, robert, you get your ice cream in arizona somehow. this friday's matchup, david trainer versus scott martin from united advisers. don't miss the showdown, friday at noon eastern time, right here, fox business. dennis: and republican versus republican, why gop governors are telling party leaders on capitol hill to cool it on threats to shut down the federal government. cheryl: and making san diego's airport pet-friendly. hint: this involves a fake fire hydrant. that story coming up on the west coast minute. as we go to break though, wallet to take a look at -- want to take a look at some of the winners and losers on the s&p. we'll be right back. ♪ ♪
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[ man ] lasting freshness. ♪ dennis: republican governors versus republican congressman. why gop governors are telling their congressional delegations to go slow on plans to shut down government. apple was an unusual victory in its patent fight with samsung. coming up, just how much bogus patent battles are costing our economy. and the first burger grown in a test tube gets a taste test. the results coming up. it's time for stocks now. let's go to the new york stock exchange and nicole petallides. >> reporter: well, plenty moving. a record-setting day for the russell 2000. some individual names.
facebook breaking out. we talked last week about a breaking above the 38,000 -- $38 ipo price. once again right now 39. tyson foods was doing well with chicken demand, beef demand. down about 10% lower. ad revenue. yell coming back after some records. so the best performer of the dow jones industrial average today. cheryl: thank-you some much. see you at the top of the hour. gop governors warning colleagues on capitol hill to avoid the looming government shut down, claiming the effects would be damaging to their already fragile economies. this is in response to a call by tea party senators to oppose a measure that would distort the shut down if it includes financing for obamacare. joining me now, the founder and president of your pen as a finger to about health care.
the republican governors are basically coming to washington and have a big conference saying we're the ones that have to run our state and our budget. some of these governors have rejected expanding medicaid. yet their senators from their own state are going against them where does this go? to the governors have a point? >> the problems with the governors around the state is that the states are too addictive to washington d.c. the business of washington, the business of his congressional leaders is to try to bring this fiscal house in order to reach last year we spent three and a half trillion dollars, 1 trillion borrowed. it is the business, legitimate, congressional leaders here in washington. it is already complicated, costly. do we put it on top of this bloated budget? i think the best thing that the governor should do is mined the business, and that is to bring their fiscal house in order, fix the economy and actually win
themselves from big government here in washington. cheryl: let me read your ." the average what -- scott walker. survivors recall. here's what he said. i admit that obamacare is not for the economy, but i have concerns about potentially doing something now would have a negative impact, even if it was just in the short term. there are other ways to pursue this. >> bring it to the table. when he likable we have done, if he or any other governor were there in 1965 when we started this medicare expansion and started the whole program, would we do that again? that is what many of the congressional leaders are looking at in terms of obamacare. obamacare is extra funding that is not in the budget. i think it legitimate for the congressional leaders to go into their districts and make the case that we should not continue to a bloated government, especially with something this
challenging. i appreciate the efforts of governors, alker, and you're absolutely right that it will have an adjustment if washington shut down. at what point do you say we have to bring this fiscal crisis in order? cheryl: as federal funding will be cut off to the states. the same ones that are being told it is a lot. it upheld the affordable care right, now is governors are saying, we still have in some regard, these are governor's letter saying we don't have the financial wherewithal to survive, yet we're being told to do this. senator ted crews from taxes, rand paul coming in and saying stop the government, the fund the government. i mean, it's a lot of fighting. there has to be room for compromise. >> well, their job, the legislators you just mentioned, the center, his job is to come to washington and try to bring the fiscal house in order.
perhaps there should be having a conversation with their taxpayers and saying, is it a good idea that we have so many people demanding and put into their personal lives and then the state having to match it. actually, they should be concerned about bloated medicaid. obamacare will put more numbers on medicaid, whether they accept moneys are not in a particular state. whether they exit the bill that changes. this should be a law that all of us, they have to match medicaid funding out of washington d.c. the conversation is not whether the governor should be talking to the congressional elected officials. there should be talking to their constituents and let them know to hold on because it will put it really difficult for us to transition out of this mess we created. cheryl: we are business network, always watching the stocks of health insurance companies, united healthcare is a dow component. i tell you what, even they're saying forget it. they're not going to cover people in california and arizona
if this doesn't work out and the presence favre maybe he does delay it. >> it cannot work out in his favor. i think the more pressure from the people and the legislators to say we have gone through the 2,000 pages. this is not going to work. at a certain point even the president has to admit his mistake. cheryl: always great to talk to you on the subject of health care. thank you. dennis: apple winds around. ahead we will tell you just how much of this patent battles are costing the economy. cheryl: san francisco's bart system is on track. why the california governor had to intervene in contract negotiations coming up an hour west coast minute.
♪ >> reporter: i'm tracy with your fox business brief. dow, s&p 500, nasdaq, and russell 2000 all down right now 55 points. all on the heels of the new report showing a better than expected lead on july is and non manufacturing. the july leading matches the year's high in february. sixteen of the industries surveyed worked to contracted. the european union says the gate to the $11 billion merger of u.s. airways and amr, the parent of american airlines. that comes with certain conditions to prevent monopoly.
shares of u.s. airways' right now moving. and at snack time is back in a big way. the honor says coffeecakes devil dogs have all returned next month. the latest from the fox business network, giving you the power to prosper.
♪ dennis: more on the story. chairman of the republican national committee asking cnn and nbc to kill their planned programs about former secretary of state hillary clinton. issuing a threat to nbc and cnn. if they don't kill the program the rnc may refuse to partner with nbc or cnn for the debate in 2016. in a letter, as an american company you have every right to air programming of your choice. that's nice of them. american citizens, certainly recognize what many are astounded that your actions which appear to be a major network family veiled attempt at putting a bomb on the scales of
the 2016 presidential election. fox news joins us on the phone. thank you for being with us. i think a threat from the republicans. it's really kind of heavy-handed were you surprised? >> no. i taught the action by the networks were heavy-handed. i think day or really demonstrating. i think there were going to come across to the viewers, fascination with one candidate. so it's pretty obvious. hillary clinton. it's obvious that would have been extraordinary prejudicial. i don't care if you're republican. look at that letter. they're talking about democrats being disadvantaged by the huge amount of attention that will go to hillary clinton if a dramatic presentation for the documentary . both are going to shine a bright light on one candidate for the 2016 presidential race.
dennis: do see any difference? and entertainment network doing a miniseries kind of docudrama verses as cnn which is a news channel. i'm reading here and actually it is planning a feature film that would it released in theaters and on cnn. i was stunned. >> again, i think always pushing into new kinds of media, new platforms. in this case, there's nothing new about the platform because movie theaters. what is new is the audacity of thinking you will pick one candidate. from a republican perspective they're willing to fight because they feel that this would mean that their candidate, no matter who their candidate might be going into 2016, will start the race at a huge, huge disadvantage. cheryl: -- dennis: i have to tell you, the world is turned upside down because you are going against those liberal networks. i was thinking republican party was too heavy-handed.
do you think that cnn and nbc will cave in and abandon plans? >> i think the news division is going to have to stop and think. that is the reason, the chairman of the rnc did this. the key, it's time to exercise. this is so early. we are not a year away from 2012. all of a sudden here is the intense focus on 2016. you have already had all of the scandals in new york that have brought attention back to monica lewinsky, bill clinton, hillary clinton. it is unbelievable. it is almost like a gravitational force. that is why the republicans are taking a stand right now. i think it is a very important stand. i hope on not coming across as taking one side over another, but from a purely political, analytical point of view, what a huge windfall for a liver clinton to have that kind of advertising setting her up for run caught.
dennis: now we will see if the democrats to get it. we appreciate it. man. it. cheryl: thank you. time for stocks now. we have jason. we are down today. all of these record highs. yet we are not seeing a big, you know, round of profit-taking, if you will. we are kind of holding steady. >> and make it it is a typical august day in the u.s. equity market. earnings have been great. the guidance has been better. no great anomalies coming out of the economic data point. i think that people are really getting police to put some real money to work as a get back from summer vacation. august is historically slow. and think there are a lot of people that don't believe in the equimark its. there will be chasing the yield in a very violent way come
september. cheryl: that's an interesting point. right about august, but there might be a shift this year. thank you. >> you're welcome. cheryl: the white house is handing apple a big win. coming to the aid of a tech giant over a patent battle with archrival samsung's. joining us now, are really brutal battle. >> going on for years. a huge, bloody, global patent battle between samsung's and apple. both are accusing the other of stealing intellectual property. and samsung one of the international trade commission, basically the older iphone threes and fours and the ipad. now with the white house reversing that, consumers can still get those older products. samsung may appeal. here is what the trade representative told the -- basically samsung and the white house decision. i decided to disapprove and reversed a ban due to the effect
of the u.s. economy and consumers. we have a big backlash growing in south korea. south korea, the government is out with a statement saying this is protectionist. we are concerned about this. we are seeing a essentially samsung may go to court to reverse this. here is the problem, why the white house does not like this. it is so easy for the trade court to basically block the sale of goods instead of assessing financial penalties. companies know that. they have a history of bands of the international trade commission. the white house is essentially saying we're going to protect apple, protect our consumers and have these products sold. cheryl: starting to use import and export bans as political. redoing and all over the world. it sounds -- >> again, this is basically essentially companies as saying they may have little effect.
cheryl: thank you. dennis: and speaking of patent wars, congress and attorneys taking on so called patton trolls, companies that buyout patents in balkan threaten to sue other companies for infringement. costing tech startups as they fight or settled. joining us now, general counsel for one company fighting back. they target the biggest, fattest companies. the use a small companies are targeted just as frequently. >> it is really a mess. the situation is the tip of the iceberg. small businesses in america are under attack. they buy up junk patents, filed these frivolous and vexatious lawsuits and tried to extract it rich quick settlements. it's really causing a trampling on innovation.
the internet is driving a lot of job growth in this country. it is not adjusted internet companies. it's all kinds. and the innovators of losing out because the vast resources, $29 billion in 2011 alone for direct cost which was license fees and legal fees. the $80 billion cost that was in direct. it's really a big diversion of resources from companies really to lawyers and patton troll's. they are not doing anything for the economy. they're not creating anything. dennis: buying something that was neglected and hoping to scare people in the settlement. i have often felt that companies to get sued are themselves implicit because they keep paying off these guys to go way instead of standing and fighting. now, your company is changing ground. you guys have -- your legal
budget is up fivefold because you decided to stand and fight. >> that is true. we are fighting because we think it is bad for the economy, bad for our customers. we have a couple hundred thousand customers, most small businesses getting sued and they don't have the resources to fight. it costs between two and $5 million just to defend a case. the patent trial comes in and says we have sued you. we have this patent and everyone knows it is either invalid are most likely does not infringe, but we will settle for 100,000, 200,000. it's going to cost me 2 million the 5 million to fight. but that just feeds them. and we are encouraging companies not to settle. also encouraging the big solution which is congress'. congress has the ultimate weapon to pass legislation to fix the system because the patent trolls' don't have any skin in the game. they are not at risk. they don't pay their lawyers anything.
there are contingency cases. the don't have the discovery costs. they form shell companies and try to extort. dennis: a couple proposals pending in congress now. and that goes. you guys out there in silicon valley want to just organize some kind of big mutual organization, pay legal fees in and take on these patents rolls together. thank you for being with us. cheryl: making san diego airport pet friendly. that story coming up in your west coast minute. dennis: and beat made in the laboratory. the taste test for a test to burger, now. ♪ a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89%ess energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow.
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♪ cheryl: time for your west coast minute. breaks put on the board. california governor jerry brown
issuing an order, 400,000 san francisco bay commuters can breathe a sigh of relief. the governor ordered a 7-day inquiry into the contract dispute that paralyzed the nation's fifth largest airline. a 60 day cooling-off. union leaders want a strike. continues to be pay and pension benefits. the key posted. state legislators and alaska trying to lower student loan rates. rates doubled this summer putting many students in jeopardy because the alaska loans are limited and not cover all of the university costs for students. new legislation would give them more funding at a lower rates. as long as their residence and completed agree on time. and finally, san diego has opened up and really station. the 75 square-foot space has fake grass, a hydrant, deodorizers, and baggies for back -- passengers and pitches. it saves passengers a trip back to security.
a few million spent. dennis: what a burger. test-tube food. finding creative ways to combat food shortage concerns. the first slam crown hamburger was unveiled and taste tested in london, grown in vitro from cattle stem cells. according to three people who aided, it contains no fat or salt. it was dry and a bit lacking in flavor. one said it feels like a conventional hamburger but it tasted like an animal protein. invested $330,000 open to find alternative to meet the growing demand for meat. cheryl: you'd think they can make it taste a little better. dennis: they go. just thrown in and. cheryl: taper proofing your portfolio. decided exactly when the fed will cut back on the bond buying spree. what you need to do now to prepare for when the fed does
take action. dennis: and move over nascar. a new high-speed race. housesit top lawmaker -- lawn mowers are taking suburbia by storm. cheryl: that looks fine. is a box of wind going away of the dixie cup? a shortage in california. adam and lori coming up next. ♪ [ male announcer ] how do you get your bounce?
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♪ >> welcome back to "markets now". >> american embassies in the middle east closed through saturday. the terror threat and what it means for the market. adam: par-time nation in the economy added more fewer jobs for the month, but what's worse? the quality of jobs created. federal reserve chairman in kansas city and why inerm 4 million u.s. jobs are still looking for the right people.
lori: interesting way to put it. taper proofing, if you will, your portfolio, wall street disagrees on the timing, but higher interest rates are expected in the future. what you need to do now to prepare for retirement portfolio p adam: turning the dreaded chore into high speed excitement. taking you inside the big business of competitive lawn mower racing. it was not like that in ohio. yes, you heard that right, souped up lawn mower. they go 60 miles per hour. the greatest show on turf. first, time for stock, going to the floor, annie coal, watching whether or not we're going to trim losses after the ism data came out; right? >> i so do lawn mower racing. love that action. yes, absolutely right, we had a market down, got in the ism number compromises the services group, and it was better than expected helping us to p